THE palm oil industry has agreed in principle to make adjustments to reduce the prices of cooking oil in stages, based on the current market price of crude palm oil, Special Task Force on Jihad Against Inflation chairman Annuar Musa said.

Annuar, who is also communications and multimedia minister, said the industry has agreed to the task force’s recommendation on the price reduction, which is expected to be implemented soon.

“What is important is that the industry has agreed in principle to work with us for the reduction of cooking oil prices,” he told a press conference after chairing the task force’s third meeting in Putrajaya today.

He said this is a good development and an example of how all quarters could cooperate and ultimately benefit the people.

He said an engagement session was held with key players in the palm oil industry, including manufacturers, suppliers and packaging companies, on Tuesday.

Annuar said the task force received a lot of information on the smuggling of cooking oil and stressed that the enforcement authorities will not compromise with the misconduct.

“We are monitoring several smuggling networks, so those involved in such activities should not think that they can get away with it as the authorities will continue with their (enforcement) actions,” he said while urging the public to provide information on the misappropriation of cooking oil to the authorities.

On the cost of living in higher learning institutions, Annuar said the Higher Education Ministry is drawing up various plans to address the problem, apart from implementing the initiative to offer food for as low as RM3.50 per serving.

He said following a meeting between Higher Education Minister Noraini Ahmad and all university administrators, various measures are being formulated to help reduce the cost of living for students not only in terms of daily food supply but also accommodation, transport and fees.

“This also shows that it is possible to implement efforts to curb the rising prices of goods and cost of living when there is consensus and cooperation,” he said. – Bernama, July 14, 2022.